IT security and backup provider SonicWALL Inc. today announced it will be acquired by an investor group led by Thoma Bravo LLC for approximately $717 million.

Per the agreement, SonicWALL shareholders will receive $11.50 in cash for each share of SonicWALL common stock they hold, representing about 28 percent of the most recent closing price, and approximately 63 percent premium over SonicWALL’s enterprise value.

Matthew Medeiros, SonicWALL president and CEO, said the acquisition will benefit shareholders and leverage the company’s operations.

“Our agreement with Thoma Bravo represents an attractive valuation for our shareholders, and we look forward to closing the transaction as quickly as possible,” Medeiros stated in the press release. “A partnership with Thoma Bravo will strengthen our focus on delivering the most advanced and highest quality solutions to our customers.”

The investor group, led by Thoma Bravo, includes the Ontario Teachers’ Pension Plan through its private investor department, Teachers’ Private Capital.

“We look forward to working with SonicWALL to accelerate the company’s organic growth strategy and to pursue a consolidation strategy in the network security market as well as adjacent markets,” added Robert Sayle, a vice president at Thoma Bravo.

Neil Petroff, Teachers’ executive vice-president and chief investment officer, said the investment group will support and leverage SonicWALL’s plans to improve customer value through product innovation and world-class customer support.

The merger is scheduled to close in the fiscal quarter ending September 30, 2010, or early in the fiscal quarter ending December 31, 2010.

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